St. Paul daily globe., 1887-05-10
What all 0verhauling Of Several En-
dOwment Companies Shows Of
Their Business Methods.
Railroad Officials Say the Business on
Their Roads Will Not Warrant
Fast Chicago Trains.
Supreme Court sions---Superintend-
ent of Farmers Institutes Out
lining His Work.
Two Unhappy Couples Whose Affairs
Are Ventilated in Court---Many
Monday Happenings.

panies, Insurance Commissioner Shan
drew deputized E. B. Walker to make
an investigation and report upon the
standing of the various life insurance,
endowment and kindred associations of
st. Paul and Minneapolis, and the re-
suit of the latter'S visits has just been
promulgated.
Concerning the United States Bene-
fetal society, of st. Paul, the examiner
says: ut has dwindled down until it
has only twenty-siX paying members,
and its assets consist of about $1,000,
equally divided in cash and notes, the
latter probably worthless. Its affairs
will probably be closed at the next meet
ing of the board and the money on hand
divided pro rata among the members in
good standing."
The affairs of the st. Paul Life aSso-
citation are stated to be in good condi-
ton, and no changes can be suggested
for their improvement. There are 400
members in good standing, part of whom
have never been assessed.
OF the Union Endowment association
it is stated that this was organized as
marriage endowment, but changed its
plan some time ago, cutting out the
marriage feature, and is now issuing
straight ten-year endowment, with the
privilege of Surrendering the certificate
IN live years and receiving one-half.
''The books are in bad shape" says Mr..
Walker; ''in fact, the only books kept are
two, showing the receipts from assess
ments and dues, and nothing to show
disbursements OF what became of the
cash received. However honest the
management, there is certainly eXhib-
lted an ignorance and negligence in
keeping the books of the association
that call for an immediate remedy. The
entire management is vested in the sec
retary, and board meetings are few and
far between. Proper books should be
procured and the accounts of the associ-
alton put in such shape that an outsider
could tell by them how the affairs of the
association stand, also that proper ac-
counting of all moneys paid into the
reserve fund by members be made at
once, and such moneys invested in the
name of the association, as stipulated in
its bylaws"
Mutual Guarantee Endowment, of st.
Paul, two-and-ene-haf years old, 273
policies in good standing, issues four
kinds of endowment policies maturing
in anywhere from fifteen months to
twenty-five years. 81 would suggest
that this association adopt one or the
other of its different plans and
QUIT EXPERIMENTING,
as think it would give better satisfac-
ton to its members, and is much easier
to take care Of" says Mr.. Walker.
Minnehaha Life Insurance, Minneap-
oils, has been running about eighteen
months and has 325 members in good
standing. The books are well kept, al
though not so complete as they might
be, but changes suggested will remedy
these defects. In case of loss beneti-
ciary would would receive every dollar
justly due according to terms of con-
tract.
Scandinavian Endowment association.
of Minneapolis, is marriage society
and has about 400 members. Books and
affairs kept in good shape, expense of
at minimum and every
dollar that member is entitled to he is
receiving.
Home Endowment, of Minneapolis,
has issued 700 certificates since its Or
ganiZatiOn, Nov. l, 1886, but like all
other cooperative associations, it de-
pends upon the number and adhesive
ness of its membership whether it can
pay its endowment in full or not. Its
plan, with the exception of allowing
more than one certificate to member,
is as good as any and probably better
than many of similar character.
Mutual Endowment society, Minneap-
oils, organized Dec. /, 1884, for the pur-
pose Of endowing its members at mar
riage, no suggestions offered for the i'm
prOvement of the society.
Minnesota Mutual Benefit association.
of Minneapolis. Its books fairly kept
and are sufficient for present business.
1.-The endowment scheme of this aSSocia-
tion," declares the examiner, Il con-
slider fraud of the worst character.
There is not the remOteSt possibility of
a member receiving the amount named.
and it can only be used as an advertis-
ing dodge to catch the unwary. / also
the loan of $4,000 of the en-
dowment funds to the president of the
with their advertised disposition of
these funds, which says they are to be
in United States government
bonds. The membership is not increas-
ing and there has been gradual de-
crease during the past year,
Mutual Benevolent association, Min
neapOliS, | find to be an old peoples OF
insurance company. Origin
ally it was Michigan concern. but was
run out of that state and came to Min
neapolis and reorganiZed about two
years ago. Shortly after the treasurer
5000 OF $500 on a loss and left
the state with the money, but through
some technicality he escaped arrest.
The present secretary has been
in charge about q year and is
4 man with no experience whatever in
lhe insurance business. The other
officers take no interest in the concern.
and l doubt very much if they know
such company exists, with perhaps
he exception of the vice president. who
laS allowed his name to be used through
to the secretary. Negotia-
ions are now pending with an Elkhart,
md, company to take the membership
If this company and assume outstanding
liabilities, which is about the best
hing that could be done
TO RID THIS STATE
If company that, however honest the |
of the management NAV be.
.an end only in failure"
Northwestern Aid association. Min
leapOlis, books models of neatness and |
kept, showing all the trans |
ctions in clear and business-like |
manner.
American Life Insurance COM
amy, Minneapolis, ''The plan
Il this company has no |
pecial merit" says the examiner, "and |
ONE of the transactions in the settle
nent of claims show an utter disregard
# the members interest. While grant
ng that all due caution and watclfful-
eSS is necessary to guard against
raud, still in my Judgment claims have
een settled by this company on their